Having a baby is supposed to be a joyous time, but it can also be emotionally and financially stressful. The average American family spends about $12,000 on child-related expenses in their baby’s first year alone. And raising a child to age 17 is estimated to cost a whopping $233,000!

To help you get a handle on what to do and not to do, I interviewed Andrea Woroch. She’s a mom and a nationally-recognized consumer and money-saving expert. Andrea regularly contributes to leading national and regional news stories and has been featured on "NBC'sToday Show," "Dr. OZ," "Good Morning FOX & Friends," "MSNBC," "CNN," "ABC News with Diane Sawyer," and many print and online outlets.

5 Money Mistakes New Parents Make

Here are five common money mistakes that new parents make and how to avoid them.

1. Not saving enough.

A recent survey from PurePoint Financial found that half of Americans do not have a savings target set within the next five years. If you’re expecting a baby, it’s especially important to create savings goals so you can cover time off from work.

Even if your employer offers a maternity benefit, it probably doesn’t cover your full salary. In addition, there are many new expenses you’ll have, such as childcare, health insurance, and everyday baby essentials.

You also need to have an emergency fund for extras or unexpected expenses that creep up. Those could include parenting classes, formula if you can’t nurse, and ordering take-out when you don’t have time to cook. Having a cash cushion will give you peace of mind that your family could get through any hardship.

Start saving from the moment you begin planning a family by automatically transferring funds into a separate account. Use a high-yield online savings account, such as PurePoint Financial, which currently offers 2.15% APY.